Cracker stocks this Diwali! Axis Direct selects 12 technical stock with 48% upside potential for Samvat 2083
Markets are currently navigating a phase of heightened volatility, with the Nifty and broader market indices witnessing a meaningful correction from their recent highs. The weakness is less a reflection of any fundamental deterioration in the domestic earnings cycle and more a consequence of a combination of external pressures. To navigate Samvat 2083, here are 12 stocks that Axis Direct says are showing strong technical indicators.
2/13
The pharma company currently trades at a CMP of Rs 1,660, with a target price of Rs 2,100, representing a potential upside of 39% over a 12-month time frame. Aurobindo Pharma’s long-term chart shows a breakout above a prolonged consolidation range, followed by a retest of the breakout zone around Rs 1,000–1,100. The subsequent rebound suggests that the former resistance zone is acting as support, strengthening the case for a continuation of the broader uptrend.
3/13
Hindustan Aeronautics
State-owned defence major trades at a CMP of Rs 4,870 and has a target price of Rs 5,850, offering a potential upside of 25% over a 12-month time frame. On the monthly chart, HAL has consolidated within a contracting range following a strong uptrend, forming a symmetrical triangle. The price has recently moved above the descending trendline, suggesting a potential resumption of the broader uptrend.
Agencies
4/13
IOL Chemicals and Pharmaceuticals
The company has a CMP of Rs 185 and a target price of Rs 235, which reflects a potential upside of 45% over a 12-month time frame. On the six-monthly chart, IOLCP appears to be emerging from a prolonged consolidation that followed a strong advance. The recent move above the upper boundary of this range suggests a potential resumption of the broader uptrend.
ETMarkets.com
5/13
Jyoti CNC Automation
The share price currently trades at a CMP of Rs 957, with a target price set at Rs 1,255, implying a potential upside of 48% over a 12-month time frame. On the quarterly chart, Jyoti CNC Automation Limited has broken above the upper boundary of a descending channel, signalling a potential improvement in its broader price structure.
IANS
6/13
The Karnataka Bank
The private lender trades at a CMP of Rs 306 and carries a target price of Rs 395, offering a potential upside of 45% over a 12-month time frame. On the long-term chart, the stock has broken out of a prolonged sideways consolidation and subsequently tested the breakout zone over three consecutive candles.
ETMarkets.com
7/13
Dr. Lal Path Labs
The healthcare stock has a CMP of Rs 1,912 and a target price of Rs 2,285, indicating a potential upside of 34% over a 12-month time frame. On the quarterly chart, Dr. Lal PathLabs has formed a broad rounding base following a sharp correction from its earlier peak. The gradual recovery, supported by higher lows along a rising trendline, suggests improving buying interest.
IANS
8/13
Mayur Uniquoters
Shares of the company trade at a CMP of Rs 722, with a target price of Rs 950, presenting a potential upside of 46% over a 12-month time frame. On the quarterly chart, the stock has broken above the upper boundary of a prolonged consolidation, supported by a sharp expansion in volume. The strong bullish breakout candle reflects increased buying participation and suggests an improvement in the broader price structure.
ETMarkets.com
9/13
Kotak Mahindra Bank
The private lender currently has a CMP of Rs 459 and a target price of Rs 560, representing a potential upside of 25% over a 12-month time frame. On the six-monthly chart, the lender appears to be emerging from a prolonged consolidation that followed a strong advance. The recent move above the upper boundary of this range suggests a potential resumption of the broader uptrend.
Agencies
10/13
Shivalik Bimetal Controls
The shares of the company currently trade at a CMP of Rs 1,036 and have a target price of Rs 1,285, which suggests a potential upside of 49% over a 12-month time frame. On the long-term chart, SBCL has broken above a prolonged consolidation range, forming successive strong bullish candles backed by elevated volumes.
ETMarkets.com
11/13
Sona BLW Precision Forgings
The auto ancillary company has a CMP of Rs 874 with a target price of Rs 1,070, offering a potential upside of 34% over a 12-month time frame. On the long-term chart, Sona BLW Precision Forgings has broken above a prolonged consolidation range that has been developing since 2022. The stock established a strong base around 400 before staging a sustained recovery and moving above the upper boundary near Rs 750–760
ETMarkets.com
12/13
Tech Mahindra
One of India’s leading IT players currently trades at a CMP of Rs 1,770, with a target price of Rs 2,350, showing a potential upside of 32% over a 12-month time frame. On the monthly chart, Tech Mahindra staged a strong rally from around Rs 480 to Rs 1,840 before undergoing a corrective phase. The latest strong bullish candle shows the stock attempting to break above the resistance trendline connecting its previous peaks.
Reuters
13/13
Welspun Living
The shares of the company currently trade at a CMP of Rs 212 and have a target price of Rs 275, indicating a potential upside of 43% over a 12-month time frame. On the long-term chart, Welspun Living Limited has formed an ascending triangle, with repeated resistance around Rs 180–200 and a series of higher lows. This structure suggests that buyers have been stepping in at progressively higher levels during the consolidation.